Reliance Industries Overtakes ONGC As Most-Valued Company

Mumbai, August 29: Reliance Industries today reclaimed the numero-uno position in the domestic market capitalisation charts, racing past state-run ONGC to emerge as the country's most-valued company yet again.

With a market value of Rs. 2,42,283 crore at 1027 hours this morning, RIL surpassed ONGC's market cap of Rs. 2,38,270 crore to reclaim the top position.

On Friday, ONGC had toppled billionaire Mukesh Ambani-led Reliance Industries to claim the title of the country's most-valued company.

Shares of RIL went up by 3.49 per cent to touch an early high of Rs. 744.65 on the BSE today. The surge in the bellwether stock was a significant contributor to the overall bullish trend in the market, with the benchmark Sensex trading higher by 348.39 points at 16,197.22 at 1027 hours.

The share price of ONGC, too, rose by 1.43 per cent to touch an early peak of Rs. 282 on the BSE.

At the end of Friday's trade, RIL had a market cap of Rs. 2,35,571 crore, while ONGC commanded a market value of Rs. 2,37,842 crore.

RIL had first toppled ONGC to become the country's most-valued firm way back in late 2006, but the state-run energy giant later reclaimed the top position, albeit only for a few brief period.

In the past few days, a veritable game of musical chairs has been played out between the country's most-valued firms on the bourses.

Earlier, on August 17, state-run Coal India Ltd (CIL) had dethroned RIL to become the country's top-valued firm.

Then, two days later on August 19, RIL briefly slipped to third position in the valuation charts, after CIL and ONGC, only to reclaim the No. 2 position by the market close.

CIL's stint at the top proved to be short-lived, with RIL reclaiming this position within six days on August 23.

A day later, on August 24, CIL lost further ground and slipped to third position in the valuation charts after RIL and ONGC.

CIL continues to be the country's third-most valued company, with total market capitalisation of Rs. 2,31,052 crore this morning. PTI